Cryptocurrencies Make A Spectacular Comeback Despite Being Declared “Too Good To Be True”

by Jeff Berwick, The Dollar Vigilante:

Cryptocurrencies have yet again risen from the dead. Hallelujah!

I really shouldn’t be praising God for this though… this literally happens every few months almost like clockwork.

But, over the past two days since the most recent crypto-bloodbath, bitcoin and the altcoins have seen a major resurgence.

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Bitcoin has risen $130 in the last 7 hours

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And with Bitcoin Cash rising significantly, Bitcoin and Bitcoin Cash are yet again well above $5,000 and near all-time highs.

Other cryptos have also skyrocketed, like steem which has risen over 10% in the past two days

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The total market capitalization of all cryptos has also risen roughly 16% from its lows on September 5th to just over $159 billion now.

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But, as always, the momentary drop in prices was viewed as an opportunity to bash bitcoin and all the “I told ya so’s” came out of the woodwork… and have been silent again since the rebound.

One example being that of John Lohr’s, a writer for seekingalpha.com

They have been speculation vehicles that have drawn in people hypnotized by the out of this world run up in prices: $270 to $4700 in 8 months. Too good to be true. Sheep lured by the “Don’t miss out on this” psychology have bought, and bought and bought…

Every few days there is a new, but similar claim made about bitcoin. Luckily for your viewing pleasure they are all compiled on https://99bitcoins.com/bitcoinobituaries/ for you.

If this website isn’t proof that bitcoin is immortal, then we don’t know what is. It has been resurrected from the grave over 156 times!

And, I hate to keep embarrassing Peter Schill… ahem… Schiff publicly, but he actually does it all on its own. All I need to do is just point at it.

Just before the most recent massive rebound, Schiff posted this, effectively questioning if cryptocurrencies had just died.

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